UAE gets tough on companies dealing with Iran

UAE authorities say they are clamping down on domestic companies that are proved to have connections with the Iranian Revolutionary Guard Corps, the Gulf News reported Monday.

Following the imposition on June 10 by the UN Security council of a fourth round of sanctions against Iran over its nuclear program, official sources told the paper that operations of any entity shown to have dealings with those “subject to the UN asset freeze will immediately be shut down,” according to anonymous sources quoted in the report.

As part of the UAE’s crackdown, more than 40 international and local companies have been closed, according to the source. The UAE has ramped up efforts to close down operations of those illegally dealing in strategic dual-use equipment and materials and money laundering, the report added.